The PokerStars corporate blog announced today that the company will make all PKR balances good. PKR failed in May when the site suddenly went offline without any notice to players. PKR ran into financial difficulties that forced it to close its virtual doors. The company could not cover player deposits.
A claims administrator was appointed. PokerStars received the player lists with balances owed through this process.
PKR players that already have an account at PokerStars will likely find the funds already in their account. Transfers were made this morning. Former PKR players that did not already have an account at PokerStars will need to create one. PokerStars support can handle transfers that were not made automatically by its system.
There is no wager requirement for PKR funds. Players may hit the tables with it or cash it out immediately.
PokerStars stated that there were 60,000 PKR accounts. Most were not active and likely had few, if any, funds on deposit.
This is the third time that PokerStars has bailed out failed poker sites. PokerStars covered all non-U.S. player funds when Full Tilt relaunched in 2012. American players were required to make a claim through a administrator. This was related to the PokerStars settlement related to Black Friday. There was no play through requirement for Full Tilt funds.
Bugsy’s Club was bailed out by PokerStars in 2009. These players were forced to earn 5 VPPs for every $1 in funds owed before it could be withdrawn.